IQ Capital Partners raises £92m

The UK-based venture capital firm holds initial close for third fund.

IQ Capital Partners has held a first close for its third fund, IQ Capital Fund III, at £92 million. The fund, which has a target size of £125 million, will invest in UK-based deep-tech companies at seed and series A stages. It is particularly looking for opportunities with companies that have transformational deep-tech, AI or disruptive algorithms at their core.

Investors in the fund include family offices, wealth managers, technology entrepreneurs and CEOs, as well as British Business Investments, which is the commercial arm of the British Business Bank.